COMPANY NEWS

COMPANY NEWS; Avondale Layoffs

Reuters

Published: January 9, 1990

NEW ORLEANS, Jan. 8—
Avondale Industries, a Louisiana shipbuilder, laid off about 300 workers, and a company spokesman said another 615 workers might be released to cut costs. The company, one of the nation's most active shipbuilders, has about 8,500 employees. It has a $2 billion backlog of work, but much of it will not begin before later this year, the spokesman said. Avondale's shares fell 62.5 cents today, to $12.50, in over-the-counter trading.